Crypto is a Major Focus Under India’s G20 Presidency: Finance Minister

India’s Finance Minister, Nirmala Sitharaman has said crypto will receive a lot of attention under the country’s G20 presidency. Sitharaman gave the statement while speaking at a meeting held in the US with a theme titled “Investment Opportunities for the long term: India on the Rise”.

Sitharaman added that India is seeking a common regulatory framework that would be adopted by all countries given the collapses of exchange platforms in recent times. Sitharaman went further to the attendees an overview of India’s path of deliberate policy decisions and governance changes that created the framework for the Indian economy.

Meanwhile, the meeting was attended by a varied group of investors, including top executives, leaders in the private sector, venture capitalists, institutional investors, and representatives of pension and endowment funds.

Sitharaman urged the attendees to join India’s exciting transformational journey toward more prosperity, improved living standards for its population, and larger investment returns.

Notably, Sitharaman’s call for a unified crypto framework is based on her belief that international cooperation is the most effective method to regulate the digital environment. Additionally, her concern may also be due to the increased number of crypto users in India that need protection for their digital investments.

A Unified Crypto Regulatory Framework

A unified crypto regulatory framework is a collection of rules, regulations, and guidelines that govern the use, issuance, trading, and storage of cryptocurrencies in a specific jurisdiction. The government or relevant regulatory bodies create this framework in order to establish a consistent and transparent regulatory environment for the crypto industry.

It seeks to provide clarity to crypto-related businesses and users, protect investors, and prevent fraudulent activities such as money laundering, terrorist financing, and other illicit activities from occurring in the crypto space.

Furthermore, it promotes innovation and growth in the crypto industry by creating a level playing field and reducing regulatory uncertainty. A framework like this can be used at the national or international level, and it can involve collaboration among various regulatory bodies and agencies.

However, achieving a truly unified legal framework for crypto can be difficult given the industry’s complexity and rapid evolution, as well as the varied approaches taken by various jurisdictions.